"Addressing the Nexus between Climate Change and Plastic Pollution through the Global Ocean"
The Green Climate Fund (GCF), the world's largest fund dedicated to climate action, understands the link between plastic waste pollution and climate change through the global ocean. The ocean holds 97% of the world's water, supports 90% of the biosphere, produces 50% of the oxygen we breathe, absorbs 25% of carbon dioxide emissions, and captures 90% of excess heat. Beyond its ecological significance, the ocean contributes to sustainable development, with ocean-based industries projected to grow significantly.
And yet, plastic pollution continues to pose a major threat, with 80% of marine pollution consisting of plastic waste. Around 8-10 million metric tons of plastic enter the ocean annually, exacerbating environmental degradation and global warming. Only 10% of plastic is recycled, while the rest pollutes the oceans or is incinerated, releasing harmful emissions.
Since 2014, GCF has committed over $1 billion to ocean conservation, waste management, and coastal resilience. Some of its key initiatives include:
- The Global Fund for Coral Reefs Investment Window: A $500 million program protecting coral reefs by encouraging investments in the blue economy.
- The Green Cities Facility: A $283 million initiative to support cities with climate-resilient urban infrastructure.
- Transforming Financial Systems for Climate Project: A $715 million program to scale up climate finance and reinforce local partners in climate-related sectors.
- The Green Growth Equity Fund: A $195 million fund to promote low-carbon platforms in India's energy value chain.
- The Great Blue Wall Initiative: A $300 million program to restore the regenerative capacity of the Western Indian Ocean coastline to improve resilience and support the blue economy.
These projects demonstrate GCF's strong commitment to addressing plastic pollution and climate change.